30 January 2018

Nigeria: Finance Ministry Panel Recommends Dismissal of Suspended SEC Boss

An administrative panel of inquiry set up last November to investigate allegations of financial impropriety and abuse of office against the suspended Director-General of the Securities & Exchange Commission, SEC, Mounir Gwarzo, has recommended his immediate dismissal from the public service.

A copy of the panel's report which is to be presented to President Muhammadu Buhari was seen by PREMIUM TIMES on Tuesday.

Some of the panel's key recommendations include that the embattled former SEC DG, who is currently on suspension, be referred to the Independent Corrupt Practices and other related offences Commission, ICPC, for further investigation for allegedly using his position to influence the award of contracts to a company he has personal interest.

The panel, headed by the permanent secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, also recommended that Mr. Gwarzo to refund about N104.9 million allegedly collected illegally as severance package while still in office.

Mr. Gwarzo was suspended by the Minister of Finance, Kemi Adeosun, for alleged corrupt acts.

But he denies the claims, and says he was punished after refusing Mrs. Adeosun's directive to suspend audit into oil firm, Oando.

The company has been enmeshed in a shareholder crisis, amidst allegations of fraud.

On Tuesday, a public hearing into Mr. Gwarzo's suspension and allegation against the minister opened at the House of Representatives.

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